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Rates broke lower in late trade,.......>

US TSY FLOWS
US TSY FLOWS: Rates broke lower in late trade, long end leading as equities
continued to surge (ESM0 +115.0, NDX +250.0). 
- Driving risk-on tone all day: easing or plans to ease global virus
restrictions in addition to hopes of fast-tracked vaccine Moderna's efficacy
(FOMO: fear of missing out apparently exacerbating the move). 
- USM0 neared May 6 next low: 178-01. Break through 178-01 brings USM0 back to
April 15 levels. TYM futures have pulled back today following a failure Friday
to top key resistance at 139-22, Apr 21 high. The pullback has left price
trading within the range that has developed over the past few weeks. Yld curves
on session highs.
- Jun/Sep Tsy futures roll volume has started to accelerate ahead first notice
on May 29, FVM/FVU continues to lead w/appr 103,300.
- The 2-Yr yield is up 3.4bps at 0.1792%, 5-Yr is up 6.7bps at 0.375%, 10-Yr is
up 8.8bps at 0.7306%, and 30-Yr is up 11.4bps at 1.4405%.

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